The day before, local media reported that lawmakers were debating changes to the current cryptocurrency legislation that would establish a legal foundation for a national exchange.
“The technology of digital currencies and blockchains can be used to create a new system of international settlements that will be much more convenient, absolutely safe for its users, and, most importantly, will not depend on banks or interference by third countries. I am confident that something like this will certainly be created and will develop because nobody likes the dictate of monopolists, which is harming all parties, including the monopolists themselves.”
A bill legalising cryptocurrency mining and the sale of the cryptocurrency mined was introduced into the Russian State Duma, the lower house of parliament, on November 17.
According to Anatoly Aksakov, the chairman of the Duma Financial Markets Committee, the law’s passage will “bring this activity into the legal field and make it possible to form a law enforcement practise on issues related to the issuance and circulation of digital currencies,” according to Cointelegraph. At the moment, Russia does not allow the use of cryptocurrencies for payments.
(With insights from Cointelegraph)